Hyperliquid Fees Surge 25% in 24 Hours, Outpacing Ethereum, Solana

Hyperliquid, a relatively newer layer-1 blockchain network, has made significant strides in the cryptocurrency landscape. The network generated $3.2 million in fees over the past 24 hours, outpacing established competitors such as Ethereum, Solana, and Tron. This milestone is a testament to the growing user engagement and transaction volume on the Hyperliquid network. The surge in network activity is not limited to fee generation; data from DefiLlama indicates that the stablecoin supply on Hyperliquid increased by 5% over the past week, signaling expanding liquidity pools within the ecosystem. This growth in stablecoin deposits typically reflects increased market participation as users move capital onto the network for trading and other decentralized finance activities. Market analysts view the rising stablecoin supply as a positive indicator for network health, demonstrating confidence in the ecosystem and creating additional liquidity that can support further growth and price stability.

Hyperliquid's native token, HYPE, has also seen significant developments. The successful integration of USDC and Circle’s Cross-Chain Transfer Protocol (CCTP V2) on Hyperliquid’s Ethereum Virtual Machine (EVM) has enhanced liquidity and security across HyperCore and HyperEVM applications. This upgrade facilitates faster and smoother deposits for DeFi users, potentially attracting institutional traders and boosting HYPE’s long-term adoption. The integration of CCTP V2 is a crucial milestone for Hyperliquid, as it positions the network to compete with more established platforms by offering improved functionality and security for users.

Beyond the integration of CCTP V2, Hyperliquid’s fundamentals continue to impress. According to Artemis Terminal, the network generated $2.5 million in fees in a single day, surpassing industry leaders like Ethereum and Solana. A Reflexivity Research report confirmed that Q3 was Hyperliquid’s strongest quarter yet, with total fees reaching $250.45 million and net income to token holders amounting to $243.59 million. This lean but high-performing setup has fueled optimism that Hyperliquid can continue scaling without losing efficiency. Combined with staking incentives and growing exchange listings, many traders see HYPE as one of the most promising tokens in the current market. The network's ability to generate significant revenue and maintain a high level of efficiency is a key factor in its growing popularity among users and investors.

Despite the strong fundamentals, technical analysis suggests caution. On the two-hour chart, HYPE touched $59.36, testing the upper boundary of a rising wedge formation, a pattern often associated with weakening momentum. The Relative Strength Index (RSI) is nearing overbought levels, with bearish divergence forming as price makes new highs without matching momentum. Analysts warn that a rejection at $59.36 could trigger pullbacks to $55 support, with deeper downside targets at $52–$48 if selling pressure builds. However, if bulls defend support and confirm strength with a bullish engulfing candle, HYPE could rebound toward $60 and beyond, potentially aligning with Polymarket traders who forecast short-term moves toward $70. The line in the sand remains at $59.36, and whether Hyperliquid breaks higher or faces a wedge breakdown will determine if HYPE’s new all-time high transforms into sustained momentum or just a temporary peak.

In addition to the technical developments, Bybit Finance announced the launch of a one-month HYPE On-Chain Yield Festival, offering HYPE token holders an exclusive staking opportunity with a highest bonus APR of up to 12%. The event comes at a time when HYPE has repeatedly hit all-time highs, with a total of 2,500 HYPE tokens in the bonus pool. The event runs from now until September 27, 2025. This staking opportunity is a significant development for HYPE token holders, as it provides an additional incentive to participate in the network and contribute to its growth. The festival is expected to attract more users to the Hyperliquid ecosystem, further enhancing its liquidity and user engagement.

Furthermore, significant whale activity has been observed in the Hyperliquid ecosystem. A whale acquired 101,600 HYPE tokens at an average price of $56.2 per token, quickly gaining attention in the cryptocurrency community due to significant on-chain activity. The acquisition sparked a 13% rise in HYPE's price, highlighting the token's sensitivity to large purchases and influencing DeFi market sentiment. The whale address involved is linked to previous large accumulations, specifically 0x746bd928F271434deaAa6682EEFe6f82674D4561. No formal statements from Hyperliquid’s leadership have been released regarding this transaction. The HYPE token price surged by 13% following the purchase, reflecting positive market sentiment. In the decentralized finance space, such whale movements often lead to increased trading volumes and short-term price volatility. Financial assets impacted include HYPE as the primary, with minor effects on ETH and BTC used in liquidity exchanges. USDC remains a significant counterparty in these transactions, indicating more profound capital structures within Hyperliquid. Previous whale accumulations in HYPE suggest similar market behavior, with quick price spikes prompting increased trading and liquidity interest. Such large transactions typically lead to market speculation on potential upcoming price dynamics. Analysts note that these purchases indicate probable institutional levels of involvement. However, on-chain data remain core to evaluating such activities. Key trends show potential long-term growth within the Hyperliquid infrastructure.